Japan's best domestic bank 2023: MUFG Bank
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Japan's best domestic bank 2023: MUFG Bank


Despite challenges both domestically and abroad, MUFG Bank has been named Japan’s best domestic bank following a relatively strong financial performance that supports the business's growth.

The bank is Japan’s largest, with 34 million retail and 1.1 million corporate clients.

Gross profits grew by just over ¥500 million ($3.4 million) to ¥4.5 trillion last year, after action was taken to offset losses incurred from negative domestic interest rates. Net operating profits increased by ¥377.5 billion to almost ¥1.6 billion. An important factor that contributed to the bank’s improved profitability was an increase in fee income, which hit an all-time high.

The bank has been actively planning for future growth. In December 2022, it launched a new digital solution, d Smart Bank, to boost its customer base outside Japan’s largest metropolitan areas where digital uptake has been slow. The digital account service, operated with partner NTT Docomo, offers customers access to bank accounts, asset management and payment services. MUFG plans to extend its reach further by installing financial service consultation booths at train stations and offices.

Another area of focus for the lender has been venture capital.

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